Beckham created the worksheets above to show the profitability and break-even points for his company. Please refer to the figure above as you answer the questions below.
-Beckham has received word from the Purchasing Department that there could be some variance in the COGS. He wants to develop a worksheet that shows the effects of various interactions between the selling price and the cost of goods sold per unit on profitability. In the two-variable data table, how would he set it up?
Definitions:
Adjustments
Records documented in the financial accounts at the end of a fiscal period to distribute revenues and expenses to the timeframe in which they were truly incurred.
Asset
An economic resource owned or controlled by a company that is expected to provide future benefits.
Liability Account
An accounting record that tracks obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits.
Accrual Basis
A bookkeeping approach that recognizes income and expenses at the time they are accrued, rather than when the actual cash transaction occurs.
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